Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


MARKET CLOSE: NZ shares gain; ANZ, Westpac rise

MARKET CLOSE: NZ shares gain; ANZ, banks shrug off capital requirements

Dec. 23 (BusinessDesk) – New Zealand shares rallied as Australia & New Zealand Banking Group and Westpac Banking Corp shrugged off Australian regulatory requirements to hold more capital and offshore investors saw value in a market that has lagged global peers in recent days.

The NZX 50 Index rose 41.444 points, or 0.9 percent, to 4722.635. Within the index, 33 stocks rose, 11 fell and six were unchanged. Turnover was $93 million.

ANZ Bank rose 1.8 percent to $34.62 on the NZX and Westpac gained 2.1 percent to $34.70. Australia’s banking regulator said that nation’s four largest banks, which include ANZ and Westpac, will need to carry an extra 1 percent of core tier 1 capital from Jan. 1, 2016.

“It hasn’t seen a massive impact on the market,” said Greg Easton, an adviser at Craigs Investment Partners. “It isn’t that severe a regulation to implement.”

A2 Corp led gainers, rising 6.7 percent to 80 cents.

Hallenstein Glasson Holdings rose 4.5 percent to $3.70, leading some retailers higher after Paymark said spending in the first three weeks of December was 6.9 percent up on the same period last year, suggesting retailers may be in for a strong Christmas.

Michael Hill International rose 3.7 percent to $1.41 and Kathmandu rose about 3 percent to $3.48. Warehouse Group slipped 0.5 percent to $3.65.

Among market heavyweights, Fletcher Building rose 1.8 percent to $8.54 and Telecom rose 1.3 percent to $2.34.Auckland International Airport gained 2 percent to $3.55.

“There’s been a few people looking to pick up a bargain,” Easton said. “We’ve lagged the rest of the world.”

Guinness Peat Group fell 1.7 percent to 58.5 cents after saying the UK Pensions Regulator had issued warning notices over two of its pension plans.

Chorus, the network operator, fell 1.4 percent to $1.445 after the Commerce Commission said in its latest benchmarking report that prices for a combined package of broadband and phone services have fallen over the past two years but remain higher than the OECD average, while so-called naked broadband prices are now below OECD peers.

Summerset Group rose 0.6 percent to $3.25 after the retirement village operator named Housing NZ’s chief financial officer named Scott Scoullar as its CFO.

New Zealand Oil & Gas was unchanged at 80 cents after taking an interest in an Indonesian prospect.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
More RSS  RSS
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news